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3/19/21
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In a big OC office buy, Harbor Associates LLC and Singerman Real Estate have acquired the 297.3k sf Summit IV office campus in Aliso Viejo, in an off-market transaction. The asset consists of the two buildings located at 15 and 25 Enterprise, adjacent to the 73 Toll Road at Aliso Viejo Pkwy.
The seller was Invesco. Although a price was not immediately disclosed, local experts we spoke with estimate a deal value near $92 mil.
Harbor will immediately begin renovations at the 80%-leased property. The planned project enhancements will focus on providing improved workplace wellness and the creation of other complementary on-site lifestyle amenities incorporated throughout the expansive outdoor courtyard. Interior improvement plans also include a new lobby, move-in ready suites, as well as restroom and corridor updates.
“Summit IV is a premier Class A asset in Aliso Viejo with strong in place tenancy and many property characteristics that we think will be in demand as tenants continue returning to the office,” said Justin Loiacono, Principal for Harbor. “We believe high-quality and well-located suburban office assets will outperform moving forward.”
“Our plan is to reimagine this project while celebrating its current design and introducing a focus on health and wellness in the workplace by incorporating relevant lifestyle and recreational amenities that offer the type of work life balance many desire as they return to the office,” added Rich McEvoy, Harbor Principal.
Brian Russell and Justin Shepherd with Eastdil Secured represented the seller in the transaction.
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